Aggregated News
The campaign to create the nation's largest-ever state-funded scientific research program is finding its strongest financial support among the multimillionaire investors critics say could profit from the $3 billion bond measure for stem cell studies.
The Proposition 71 campaign reports collecting $21.6 million so far, and The Bee's survey of campaign contribution records found California's venture capitalists donated nearly $4 out of every $10 raised for the initiative on the Nov. 2 ballot.
Four backers contributed at least $1 million and two others gave $770,000 or more, spurring critics' claims that the measure is a potential gold mine for the state's venture capitalists and the biotech industry their cash helped create.
"When you consider it, it's a pretty good return on their investment because they stand to gain trillions of dollars in profits," said Deborah Burger, president of the California Nurses Association, which is opposing the initiative.
Wayne Johnson, consultant for the "No on Proposition 71" campaign, said the $3 billion bond measure is like "most California initiatives. If you want to find out who benefits, follow the money."
Robert...
The Proposition 71 campaign reports collecting $21.6 million so far, and The Bee's survey of campaign contribution records found California's venture capitalists donated nearly $4 out of every $10 raised for the initiative on the Nov. 2 ballot.
Four backers contributed at least $1 million and two others gave $770,000 or more, spurring critics' claims that the measure is a potential gold mine for the state's venture capitalists and the biotech industry their cash helped create.
"When you consider it, it's a pretty good return on their investment because they stand to gain trillions of dollars in profits," said Deborah Burger, president of the California Nurses Association, which is opposing the initiative.
Wayne Johnson, consultant for the "No on Proposition 71" campaign, said the $3 billion bond measure is like "most California initiatives. If you want to find out who benefits, follow the money."
Robert...
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